Morning Report

The Spinning Top candlestick pattern, which was formed yesterday represents another sign of indecision as seen on the provided daily chart. We still need a breakout above 113.60 to assure forming the CD leg of the proposed harmonicAB=CD pattern. Thereby,the outlook will be neutral todayuntil this aforesaid breakout occurs. Once it succeeds to pass over 113.60, the pair could jump towards 115.65 zones.

The trading range for today is among key support at 111.05 and key resistance now at 115.65.

The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.

Weekly Report Previous Report

Support112.80112.10111.50111.05110.90Resistance113.60114.25114.75115.00115.65RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 113.60 targeting 115.60 and stop loss below 112.10 might be appropriate.